First, a hat tip to our friends at The Gospel Coalition for a great article on this topic.
- By 2030, Baby Boomers are expected to pass nearly $68 trillion in assets to their children, primarily millennials.
- Millennials are projected to hold five times as much wealth by 2030 compared to today.
- Concerns arise regarding the impact of declining church giving as Boomers pass away.
- Smaller and larger churches alike are experiencing a downturn in giving, with even larger evangelical churches seeing a drop during the COVID-19 pandemic.
- Younger generations prioritize charitable giving, potentially offsetting the decline.
- Christian Boomers can influence their adult children's generosity by modeling it and engaging in discussions about wealth transfer.
- Three ways Christian Boomers can leave a legacy of generosity are engaging with their family, planning their estates to include charitable giving, and educating and encouraging their heirs.
- Estate planning can include strategies for supporting churches, ministries, or missionaries.
- Ethical wills can capture life stories, religious values, ethics, and beliefs to pass on to future generations.
- Financial literacy should also be a focus to ensure heirs are prepared to handle the wealth they receive, promoting stewardship and generosity.
On today’s program, Rob also answers listener questions:
- Should you use 401k funds to pay off a mortgage?
- Should a person in their mid-30s with no dependents get life insurance?
- Does it make sense to move savings into a high-yield savings account?
- Is it true that banks will ask people to convert their cash to digital currency soon?
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.